LXP Industrial Trust ( NYSE: LXP ) Q4 earnings matched Wall Street expectations Thursday and decreased slightly from a year ago despite the REIT's "notable accomplishments in leasing, dispositions and leverage reduction" during the quarter, said Chairman and CEO Wilson Eglin.
For 2023, the company expects adjusted FFO per share to be $0.66-$0.70, compared with the average analyst estimate of $0.69.
And same-store net operating income is expected to grow 4%-5% in 2023, "reflecting the strong demand we are seeing for our high-quality assets and our progress optimizing our portfolio," Eglin noted.
Q4 adjusted FFO per share of $0.17 for the three months ended Dec. 31, 2022, slipped from $0.18 for the three months ended Dec. 31, 2021.
Gross revenue of $81.10M, exceeding the $78.70M consensus, decreased from $86.48M in the year-earlier quarter. The slump was mostly attributable to property sales, including the recapitalization of its special purpose industrial portfolio in 2021 now owned in a non-consolidated joint venture, which was partially offset by acquisitions.
Same-store NOI advanced 6.7% Y/Y in Q4. And the company completed 0.6M square feet of new leases and lease extensions, raising industrial base rents by 38.1% and cash base rents by 42.6%.
As of Dec. 31, 2022, LXP's ( LXP ) industrial portfolio was 99.5% leased.
Conference call at 8:30 a.m. ET.
Earlier, LXP Industrial FFO of $0.17 in-line, revenue of $81.1M beats by $2.4M .
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LXP Industrial Q4 earnings reflect robust leasing, leverage reduction